Nippon Building Fund Inc. (TSE:8951) agreed to acquire additional 26.72% stake in Toyosu Bayside Cross Tower from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥4.4 billion on January 5, 2024. Currently, Nippon Building Fund owns has sectional ownership of approximately 20.97% of the area available for exclusive ownership of the property and through the acquisition NBF will have sectional ownership of approximately 47.69% of the area available for exclusive ownership. The acquisition will be funded from loans and cash on hand.

In case the sales contract is terminated due to a violation of contractual commitments by NBF, NBF shall be required to pay to the seller 10% of the acquisition price. Toyosu Bayside as total rental revenues of approximately ¥2.5 billion. The transaction is expected to close on March 29, 2024.